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christopher-drew
December 1, 2024
Question

do i have to report an inheritance on my federal or NJ state tax?

  • December 1, 2024
  • 1 reply
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    1 reply

    DoninGA
    DoninGA
    Employee
    December 1, 2024

    If this was a cash inheritance it is not reported on a federal tax return.  There is no estate tax for an inheritance in New Jersey.

      C
      christopher-drewAuthor
      December 1, 2024

      Thanks! I've been reading about Inheritance Tax (vs Estate Tax) in NJ. Are those the same thing? 

       

      The inheritance is a mix of life insurance proceeds, and securities and real estate that will be liquidated before distribution. Each is in a separate trust. Does that change anything with the tax reporting? 

      A
      Anonymous_
      Employee
      December 1, 2024
      No text available
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